OJSC DemirBank for the first half 2012 net profit after tax of 2.35 million manat, which is 2.5 times more than the figure recorded a year earlier. The bank's earnings were equal to 24.65 million manat and the expenditures were 22.31 million manat, increasing by 10% and 4.7%.
The assets increased in January-June, up 12.9% to 403.79 million manat. The volume of issued and corporate loans grew by 8.5% and amounted to 272.77 million manat.
The total liabilities of the bank increased from 312.78 million to 356.75 million manat. The deposit portfolio increased by 10.2% to 163.63 million manat, including term client investments that increased by 13.5% to 118.62 million manat.
The balance capital grew by 4.9% to 47.05 million manat, and the total capital - by 3.2% to 51.53 million manat. The paid authorized capital remained at the level of AZN 21 million. - 15B-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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